Stock Report | October 30, 2023 | NYSE Symbol: PFE | PFE is in the S&P 500

Pfizer Inc.
Recommendation Price 12-Mo. Target Price Report Currency Investment Style
BUY « « « « « USD 30.55 (as of market close Oct 30, 2023) USD 35.00 USD Large-Cap Blend
Equity Analyst Sel Hardy

GICS Sector Health Care Summary Pfizer ranks as one of the world's largest pharmaceutical companies, offering a wide range of
Sub-Industry Pharmaceuticals drugs across a broad therapeutic spectrum.

Key Stock Statistics (Source: CFRA, S&P Global Market Intelligence (SPGMI), Company Reports)
52-Wk Range USD 54.93 - 30.02 Oper.EPS2023E USD 1.65 Market Capitalization[B] USD 172.48 Beta 0.56
Trailing 12-Month EPS USD 4.82 Oper.EPS2024E USD 3.27 Yield [%] 5.37 3-yr Proj. EPS CAGR[%] 3
Trailing 12-Month P/E 6.34 P/E on Oper.EPS2023E 18.52 Dividend Rate/Share USD 1.64 SPGMI's Quality Ranking B+
USD 10K Invested 5 Yrs Ago 8,981.0 Common Shares Outstg.[M] 5,645.00 Trailing 12-Month Dividend USD 2.04 Institutional Ownership [%] 71.0

Price Performance Analyst's Risk Assessment

LOW MEDIUM HIGH

PFE benefits from a diverse portfolio of drugs, while its
growth has been augmented by recent acquisitions, in our
view, financed by profits generated from its massive
Covid-19 vaccine and medication sales. The company
differs from most brand drug developers that have higher
sales concentration in their key brands. However, PFE is
still subject to risks common to all pharmaceutical
companies, such as those related to expensive and
uncertain clinical trials and regulatory hurdles as well as
earlier-than-expected generic or biosimilar makers that
frequently challenge brand patent validity in court.

Revenue/Earnings Data

Revenue (Million USD)

1Q 2Q 3Q 4Q Year
2024 E 17,085 E 14,179 E 14,550 E 20,890 E 66,704
2023 18,282 12,734 E 13,798 E 15,899 E 60,147
Source: CFRA, S&P Global Market Intelligence
2022 25,661 27,742 22,638 24,290 100,330
Past performance is not an indication of future performance and should not be relied upon as such.
2021 14,516 18,899 24,035 23,838 81,288
Analysis prepared by Sel Hardy on Oct 31, 2023 04:22 PM, when the stock traded at USD 30.55.
2020 12,028 11,801 12,131 11,427 41,651
2019 13,118 13,264 12,680 12,688 51,750
Highlights Investment Rationale/Risk
Earnings Per Share (USD)
u Q3 results were mixed again, similar to Q2, as u Our view is Buy. While PFE estimates it has
sales of $13.2B (-42% Y/Y) underperformed about $17B of revenues at risk between 2025 1Q 2Q 3Q 4Q Year
estimates due to below-expectations Paxlovid and 2030 due to the looming loss of exclusivity, 2024 E 0.71 E 0.70 E 0.72 E 1.14 E 3.27
(antiviral to treat Covid-19) revenues (-97% Y/ we think the pipeline is strong enough to offset 2023 1.23 0.67 E -0.17 E -0.08 E 1.65
Y), while PFE continued to face difficult these risks and thrive. Pfizer has 19 drugs in 2022 1.62 2.04 1.78 1.14 6.58
comparisons due to sharp declines in Comirnaty development (including 15 developed in-house) 2021 0.93 1.07 1.34 1.08 4.42
sales (Covid-19 vaccine,- 70% Y/Y). These were with the potential for $20B in revenues by 2030. 2020 0.80 0.78 0.72 0.42 2.22
partially offset by solid sales growth in We see Pfizer’s ability to develop so many of 2019 0.85 0.80 0.75 0.55 2.95
pneumococcal Prevnar vaccines (+15% Y/Y, these prospective drugs internally as a positive Fiscal Year ended Dec 31. EPS Estimates based on CFRA's
$1.9B), Vyndaqel to treat heart failure (+47% Y/ sign, and think PFE will not be dependent on Operating Earnings; historical earnings are adjusted. In periods
Y, $892M) and the newly launched RSV vaccine more M&A to replenish its portfolio after the where a different currency has been reported, this has been
Abrysvo ($375M). Seagen acquisition. The $43B Seagen adjusted to match the current quoted currency.
u We continue to see the large $43B Seagen acquisition, once approved in the expected time
frame, should have a strong contribution to Dividend Data
acquisition as the next major catalyst. The FTC
is investigating the proposed merger on oncology sales, in our view. Amount Date Ex-Div. Stk. of Payment
antitrust issues and requested a second round u Risks include fiercer competition for the key ( USD) Decl. Date Record Date
of documentation mid-July. Yet, PFE received drugs as new players enter the market, 0.4100 Oct 04 Nov 09 Nov 10 Dec 04 '23
unconditional European Commission antitrust unfavorable rulings by the FDA on Pfizer’s drug 0.4100 Jun 22 Jul 27 Jul 28 Sep 05 '23
clearance for the deal on October 19 and development candidates in its pipeline, the 0.4100 Apr 26 May 11 May 12 Jun 09 '23
management now expects a successful potential for PFE’s other key drugs to be 0.4100 Dec 09 Jan 26 Jan 27 Mar 03 '23
transaction close in late 2023/early 2024. included in the next rounds of drug price
negotiations in the U.S. (Eliquis is on the first Dividends have been paid since 1971 . Source: Company reports
u The FDA approved PFE’s updated mRNA vaccine
list), and unexpected generic patent challenges. Past performance is not an indication of future performance
against Covid-19 targeting the new variant and should not be relied as such.
XBB.1.5 for people 12 years of age and above, u Our target price of $35 is 10.7x our 2024 EPS
Forecasts are not a reliable indicator of future performance.
and gave an emergency use authorization for estimate, a discount to PFE’s 10-year historical Dividends paid in currencies other than the Trading currency have
children six months through 11 years of age. forward average. We are optimistic about PFE’s been accordingly converted for display purposes.
Yet, with Covid-19-related products sales medium-term pipeline.
expectations cut, we expect $60B in sales in
2023.

Redistribution or reproduction is prohibited without written permission. Copyright © 2023 CFRA. This document is not intended to provide personal investment advice and it does not take into account the specific investment
objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek independent financial advice regarding the suitability and/or appropriateness of making an investment
or implementing the investment strategies discussed in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such investments, if any,
may fluctuate and that the value of such investments may rise or fall. Accordingly, investors may receive back less than they originally invested. Investors should seek advice concerning any impact this investment may have on
their personal tax position from their own tax advisor. Please note the publication date of this document. It may contain specific information that is no longer current and should not be used to make an investment decision. Unless
otherwise indicated, there is no intention to update this document.
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Stock Report | October 30, 2023 | NYSE Symbol: PFE | PFE is in the S&P 500
Pfizer Inc.
Business Summary Sep 15, 2023 Corporate information

CORPORATE OVERVIEW. PFE is one of the world’s largest biopharmaceutical companies, with extensive Investor contact
operations in drug development, manufacturing, and marketing. The company’s growth is also augmented F. M. DeMartino (212 733 2323)
by frequent acquisitions. Pfizer’s largest market is the U.S., where 42% of 2022 sales were generated,
followed by developed Europe at 22%, emerging markets at 20%, and developed Rest of the World at 16%. Office
Total revenues in 2022 stood at $100.3 billion, up $19.0 billion (+23%). PFE’s new oral Covid medication, 66 Hudson Boulevard East, New York, New York, 10001-
Paxlovid, was the source of virtually all of that year-over-year increase (+$18.9 billion). The PFE Covid-19 2192
vaccine, Comirnaty, registered sales of $37.8 billion in 2022, which is considerable, but up only $1.0 billion
from 2021 (+2.7%). Telephone
212 733 2323
Excluding Corminaty and Paxlovid, the remainder of PFE grew revenues 2.1% in 2022 to $43.6 billion. Key
contributors to 2023 growth, in our view, should include the recently-acquired Nurtec and Vyndaqel/ Fax
Vyndamax (although the latter faces a loss of exclusivity in 2024). Vyndaqel is a treatment for N/A
cardiomyopathy and polyneuropathy, which generated revenues of $2.4 billion in 2022, up 21% versus 2021.
Website
DRUG PORTFOLIO. Pfizer’s drug portfolio is among the most diverse in the global drug market, in our view.
www.pfizer.com
Not including Covid-related vaccines, the company’s top-selling drugs are Eliquis ($6.5 billion) for stroke
and embolism, which grew 9% in 2022; Ibrance ($5.1 billion, down 6%); and the Prevnar family of vaccines
($6.3 billion in 2022 sales, up 20%). Officers
It is critical for drug companies like Pfizer to consistently have successful new drugs that are in growth Executive VP and Chief Chief Financial Officer &
mode, offsetting older drugs that are declining in sales due to loss of exclusivity or competition from new Digital & Technology Executive VP
and improved treatments. An example of this type of decline is Pfizer’s arthritis drug, Celebrex, which was Officer D. M. Denton
under the recently spun-off Upjohn business’ portfolio. Celebrex sales peaked at around $2.9 billion in 2013, L. L. Fonseca
Chairman of the Board &
but had fallen to $719 million in 2019 after its U.S. patents expired in 2014. Over the next five years, Pfizer Senior VP, Controller & CEO
has several key U.S. patent expirations occurring that it hopes to offset with growth in newer drugs. Key U.S. Principal Accounting A. Bourla
patent expirations include Ibrance in 2023, Vyndaqel/Vyndamax in 2024, and Xeljanz ($2.5 billion in 2021 Officer
revenues) in 2025. J. B. Damico
MARKET PROFILE. Worldwide total prescription drug sales are projected to grow at a compound annual
growth rate (CAGR) of 7.4% between 2020 and 2026 and reach $1.4 trillion by 2026, according to forecasts Executive VP & General
from EvaluatePharma. A key driver of this growth should be the aging of developed populations, especially in Counsel
the U.S., as baby boomers age into their prime years for health care needs. Emerging markets will likely see D. M. Lankler
materially faster growth in prescription sales than developed markets through 2026, however. This is due, in
our view, to emerging market demand for pharmaceuticals being spurred by rising standards of living as Board Members
global middle classes expand and gain access to advanced health care, and also as these developing A. Bourla R. E. Blaylock
markets’ governments increase their health care spending.
C. T. Hagel S. Desmond-Hellmann
RESEARCH AND DEVELOPMENT. In an effort to continuously offset declining sales of older drugs, Pfizer
spends heavily on research and development (R&D) to keep new drugs coming out of its pipeline and into D. R. Littman S. Gottlieb
the global drug markets. Pfizer’s R&D spending dropped to $11.4 billion in 2022 (11% of sales) from $13.8 H. H. Hobbs S. J. Hockfield
billion in 2021 (17% of sales). PFE’s R&D spend over the last five-year period (2018 through 2022) indicates J. B. Quincey S. M. Nora Johnson
a weighted average of 17%, so a reduction in R&D is possible and sustainable if supplemented by M&A
activity. J. C. Smith S. Narayen

IMPACT OF MAJOR DEVELOPMENTS. Pfizer has been flush with cash following the financial success of its J. J. Echevarria
Covid-19 vaccine and medication. With the proceeds, the company has been making strategic acquisitions.
From this perspective, we see the $2.26 billion Trillium Therapeutics acquisition in 2021 as positive. Trillium Domicile Auditor
is a clinical stage immuno-oncology firm developing innovative cancer therapies serving the fast growing Delaware KPMG LLP - Klynveld Peat
oncology market. Marwick Goerdeler
On March 13, 2023, Pfizer and Seagen entered into a definitive merger agreement under which Pfizer Founded
agreed to acquire Seagen for $229 in cash per share, a 33% premium to the March 10, 2023 closing price. 1849
The deal is expected to close late 2023 or early 2024, pending regulatory approvals. The FTC is investigating Employees
the proposed merger on antitrust concerns and requested a second round of documentation mid-July. We 83,000
do not foresee a major issue and expect the transaction to close along the anticipated timelines.
Upjohn business: Pfizer and Mylan spun off Pfizer’s off-patent brand drug business, Upjohn (20% of sales), Stockholders
and all MYL assets into a new company (Viatris) in 2020. Upjohn sold many well-known drugs, like Viagra 128,767
and Lipitor, that were once major growth drivers for PFE, but have been in decline after losing patent
protection.
The Covid-19 vaccine: Pfizer jointly developed a two-dose mRNA-based vaccine with Biontech in less than a
year with a 90% efficacy to prevent Covid-19. The vaccine was the first to receive the emergency use
authorization in any developed country in December 2020, first in the U.K., then in the U.S.
DRUG PRICING NEGOTIATIONS: The first list of 10 top-selling prescription drugs subject to negotiations with
Medicare was announced by the CMS on August 29, 2023. Eliquis, jointly developed and commercialized by
Bristol Myers Squibb and Pfizer is on the list. During June 2022 to May 2023, Medicare Part D spending on
Eliquis was at $16.5 billion. Eliquis’ patent protection is expected to last until 2028. Xtandi, the key drug to
treat prostate cancer, jointly commercialized by Pfizer and Astellas, could be included in the next rounds of
negotiations, in our view.
FINANCIAL TRENDS. In the four-year period 2018-2022, revenues grew at a CAGR of 25%, although were
skewed towards 2021 given the impact of PFE’s Covid-19 vaccine. Over the same period, return on capital,
which averaged 5.0% between 2019 and 2020, jumped to 15% in 2021 and almost to 20% in 2022.

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Stock Report | October 30, 2023 | NYSE Symbol: PFE | PFE is in the S&P 500
Pfizer Inc.
Quantitative Evaluations Expanded Ratio Analysis

Fair Value Rank 1 2 3 4 5 2022 2021 2020 2019

Lowest Highest Price/Sales 2.93 4.15 4.98 5.44
Based on CFRA's proprietary quantitative model, Price/EBITDA 6.67 10.51 14.34 16.05
stocks are ranked from most overvalued (1) to most Price/Pretax Income 8.46 13.86 29.46 19.64
undervalued (5). P/E Ratio 7.79 13.36 16.58 13.28
Avg. Diluted Shares Outstg. (M) 5,733.00 5,708.00 5,632.00 5,675.00
Fair Value USD Analysis of the stock’s current worth, based on CFRA’s
Calculation 15.58 proprietary quantitative model suggests that PFE is Figures based on fiscal year-end price
overvalued by USD 14.97 or 49.00%

Volatility LOW AVERAGE HIGH

Key Growth Rates and Averages
Technical BULLISH Since July, 2022, the technical indicators for PFE have
Past Growth Rate (%) 1 Year 3 Years 5 Years
Evaluation been BULLISH"
Net Income 42.74 25.09 8.04
Insider Activity NA UNFAVORABLE NEUTRAL FAVORABLE Sales 23.43 34.86 13.81

Ratio Analysis (Annual Avg.)

Net Margin (%) 31.27 26.77 29.36
% LT Debt to Capitalization 24.54 30.15 30.53
Return on Equity (%) 36.22 26.20 20.24

Company Financials Fiscal year ending Dec 31

Per Share Data (USD) 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Tangible Book Value 0.16 0.51 -2.63 -3.44 -4.41 -5.59 -7.84 -3.87 -0.95 -0.88
Free Cash Flow 4.64 5.33 2.19 1.89 2.33 2.44 2.33 2.14 2.44 2.38
Earnings 5.47 3.93 1.18 1.89 0.64 3.52 1.17 1.11 1.41 1.64
Earnings (Normalized) 6.58 4.42 2.22 2.95 3.00 2.65 2.40 2.20 2.26 2.22
Dividends 1.60 1.56 1.52 1.44 1.36 1.28 1.20 1.12 1.04 0.96
Payout Ratio (%) 28.63 39.72 92.15 50.19 71.53 35.94 101.00 99.71 72.35 29.90
Prices: High 59.80 61.71 43.08 44.56 46.47 37.35 37.39 36.46 33.12 32.50
Prices: Low 41.44 33.36 27.88 33.97 33.20 30.90 28.25 28.47 27.51 24.63
P/E Ratio: High 9.10 14.00 19.40 15.10 15.50 14.10 15.60 16.60 14.70 14.60
P/E Ratio: Low 6.30 7.50 12.60 11.50 11.10 11.70 11.80 12.90 12.20 11.10

Income Statement Analysis (Million USD)

Revenue 100,330 81,288 41,651 40,905 40,825 52,546 52,824 48,851 49,605 51,584
Operating Income 38,996 26,980 9,791 8,142 7,355 14,711 14,098 13,791 15,663 17,020
Depreciation + Amortization 5,028 5,104 4,664 5,715 6,112 6,178 5,550 5,035 5,276 6,119
Interest Expense 1,238 1,291 1,449 1,573 1,316 1,270 1,186 1,199 1,360 1,414
Pretax Income 34,729 24,310 7,036 11,320 3,595 12,304 8,353 8,965 12,238 15,716
Effective Tax Rate 9.60 7.60 5.30 5.20 -7.40 -73.50 13.40 22.20 25.50 27.40
Net Income 31,372 21,979 9,159 16,026 11,153 21,308 7,215 6,960 9,135 22,003
Net Income (Normalized) 25,106 17,559 6,608 5,219 4,735 9,134 9,138 9,375 10,292 10,253

Balance Sheet and Other Financial Data (Million USD)

Cash 22,732 31,073 12,241 9,699 18,930 20,096 17,876 23,292 36,156 32,498
Current Assets 51,259 59,693 35,067 32,803 49,926 41,142 38,949 43,804 55,595 56,244
Total Assets 197,205 181,476 154,229 167,594 159,422 171,797 171,615 167,381 167,566 172,101
Current Liabilities 42,138 42,671 25,920 37,304 31,858 30,427 31,115 29,398 21,587 23,366
Long Term Debt 33,205 36,195 37,133 35,955 33,287 33,715 31,545 28,874 31,557 30,763
Total Capital 135,294 118,858 104,737 116,895 105,881 115,325 102,074 104,036 108,321 113,410
Capital Expenditures 3,236 2,711 2,226 2,046 1,984 1,956 1,823 1,397 1,199 1,206
Cash from Operations 29,267 32,580 14,403 12,588 15,827 16,802 16,192 14,688 17,084 17,684
Current Ratio 1.22 1.40 1.35 0.88 1.57 1.35 1.25 1.49 2.58 2.41
% Long Term Debt of Capitalization 24.50 30.50 35.50 30.80 31.40 29.20 30.90 27.80 29.10 27.10
% Net Income of Revenue 31.30 27.00 22.00 39.20 27.30 40.60 13.70 14.20 18.40 42.70
% Return on Assets 12.87 10.05 3.80 3.11 2.78 5.35 5.20 5.15 5.76 5.94
% Return on Equity 36.20 31.90 10.50 16.90 5.70 32.50 11.60 10.20 12.30 14.40

Source: S&P Global Market Intelligence. Data may be preliminary or restated; before results of discontinued operations/special items. Per share data adjusted for stock dividends; EPS diluted.
E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked. UR-Under Review.

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Stock Report | October 30, 2023 | NYSE Symbol: PFE | PFE is in the S&P 500
Pfizer Inc.
Sub-Industry Outlook Industry Performance

Our outlook for the pharmaceutical sub-industry is
neutral. We expect an improved outlook for the
rest of 2023, partly predicated on a return to
normalcy, with improved utilization and electives
demand. Contributions from new launches with a
focus on Alzheimer’s disease, obesity, and
oncology will remain key growth drivers as a
number of pharmaceutical firms see loss of
exclusivities and face increasing competition. We
also expect tough comparisons Y/Y due to lower
demand for Covid-19 vaccines and treatments.
Going forward, we expect Covid-related activity to
shift to a seasonal phenomenon, like the flu. While
there may be further surges in Covid-related sales,
we expect a more annuity-like pattern to such
sales.
One concern is the possibility of a recession, which
could weigh on electives demand. Yet, key
therapeutic areas seen as essential, such as
oncology and immunology, are likely to see
ongoing demand, in our view, and could be
relatively less susceptible to slowdowns.
CFRA thinks health care policy risks are on the
rise. Reducing drug prices continues to be a
bipartisan issue as both parties aim for more
affordable drug prices for Americans. The Inflation
Reduction Act (IRA) allows Medicare to directly
negotiate prices on the top 10 branded drugs for
Medicare Part D coverage, with revised pricing
taking effect in January 2026, and later expanding
to 20 branded drugs in 2028. The Centers for
Medicare & Medicaid Services published the list of
the first 10 top-selling prescription drugs selected
for negotiations on August 29, 2023, which
includes drugs from large U.S. Pharmaceutical
companies (BMY, PFE, LLY, MRK, JNJ). The
negotiated maximum fair prices for these drugs
will be published by September 1, 2024. We think
the IRA may also have implications for companies.
For example, if pharmaceutical firms know that
new blockbusters may get negotiated down, they
may price them higher at launch. The act may also
have implications as to where firms decide to
invest.
We also note that the FTC appears to be taking a
more active stance on antitrust review, but has GICS Sector:Health Care
not moved so far to block them. We think there Sub-Industry:Pharmaceuticals
may be increased scrutiny for potential Based on S&P 1500 Indexes
pharmaceutical M&A, especially following the Five-Year market price performance through Oct 28, 2023
FTC’s lawsuit against Amgen’s acquisition of
Horizon, which was later settled, and
successfully closed.
Global minimum taxation of at least 15% on
multinationals with more than $890 million in
annual revenue proposed by the U.S. and
backed by 137 countries is scheduled to take
effect at the beginning of 2024. We foresee
that this would potentially hurt the bottom-line
profitability of large multinational
pharmaceuticals.
We expect major generic makers to continue to
struggle due to lower-cost emerging market
competition. We think India-based generic
makers will continue to take market share from
developed nation firms due to lower production
costs. We also expect Chinese pharmaceuticals
to shift some of their resources away from
generics and focus on more lucrative
innovative drugs, which could increase
competitive pressures. We also see a rise in
biosimilars, which, while more expensive to
produce than generics, will likely get a longer
period of time before the field gets crowded
with other biosimilars in the same category.
YTD through October 13, the S&P Composite
1500 Pharmaceuticals Index was down 0.8%
vs. an 11.6% increase for the S&P Composite NOTE: A sector chart appears when the sub-industry does not have
1500 Index. In 2022, the S&P Pharmaceuticals sufficient historical index data.
Index returned a gain of 5.5% vs. a 19.1% drop All Sector & Sub-Industry information is based on the Global Industry
for the S&P Composite 1500. Classification Standard (GICS).
Past performance is not an indication of future performance and should
/ Sel Hardy not be relied upon as such.
Source: CFRA, S&P Global Market Intelligence

Sub-Industry: Pharmaceuticals Peer Group*: Pharmaceuticals

Recent 30-Day 1-Year Fair Return
Stock Stock Stk. Mkt. Price Price P/E Value Yield on Equity LTD to
Peer Group Symbol Exchange Currency Price Cap. (M) Chg. (%) Chg. (%) Ratio Calc. (%) (%) Cap (%)

Pfizer Inc. PFE NYSE USD 30.11 170,000.0 -6.2 -34.2 6.0 15.58 5.4 23.1 37.4
AstraZeneca PLC AZN NasdaqGS USD 61.89 190,437.0 -8.9 7.4 17.0 N/A 2.3 16.8 35.8
Bristol-Myers Squibb Company BMY NYSE USD 51.02 103,813.0 -11.9 -31.6 7.0 N/A 4.5 26.9 47.1
GSK plc GSK NYSE USD 34.56 70,391.0 -6.7 5.6 11.0 N/A 3.9 33.2 46.2
Merck & Co., Inc. MRK NYSE USD 102.82 260,908.0 -1.1 3.1 33.0 N/A 2.8 N/A N/A
Novartis AG NVS NYSE USD 92.27 190,987.0 -8.0 16.0 14.0 N/A 2.5 16.5 28.5
Royalty Pharma plc RPRX NasdaqGS USD 26.21 11,766.0 -1.8 -37.6 46.0 N/A 3.1 4.7 36.2
Sanofi SNY NasdaqGS USD 43.13 107,818.0 -18.6 3.7 10.0 N/A 3.2 N/A N/A
Teva Pharmaceutical Industries Limited TEVA NYSE USD 8.12 9,100.0 -18.9 -6.6 4.0 N/A N/A -26.6 65.1
Viatris Inc. VTRS NasdaqGS USD 8.77 10,520.0 -8.6 -11.1 3.0 4.50 5.5 9.1 43.5
Zoetis Inc. ZTS NYSE USD 156.03 71,823.0 -10.7 3.2 31.0 121.26 1.0 48.0 57.8

*For Peer Groups with more than 10 companies or stocks, selection of issues is based on market capitalization.
NA-Not Available; NM-Not Meaningful.
Note: Peers are selected based on Global Industry Classification Standards and market capitalization. The peer group list includes companies with similar characteristics, but may not include all the companies within the same
industry and/or that engage in the same line of business.

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Stock Report | October 30, 2023 | NYSE Symbol: PFE | PFE is in the S&P 500
Pfizer Inc.
Analyst Research Notes and other Company News

October 31, 2023
10:35 AM ET... CFRA Retains Buy Opinion on Shares of Pfizer Inc. (PFE 29.99****):
We reduce our 12-month target by $5 to $35, 10.7x our 2024 EPS, a discount to
PFE’s 10-year historical forward P/E average. We lower our 2023 EPS view by $0.02
to $1.65 and our 2024 estimate by $0.26 to $3.27. Q3 LPS of $0.17 versus EPS of
$1.78 was $0.17 below the S&P Capital IQ consensus and $0.18 below our estimate.
Q3 revenues of $13.2B (-42% Y/Y) were $197M below consensus and $566M below
our estimate as Paxlovid (antiviral to treat Covid-19) revenues of $202M (-97% Y/Y)
were significantly below our forecasts. PFE continued to face difficult comparisons
on the back of sharp declines in Covid-19-related revenues, with Comirnaty (Covid-
19 vaccine) sales also down 70% Y/Y. Yet, PFE reaffirmed its 2023 sales and EPS
guidance shared earlier in October. We continue to see the large $43B Seagen
acquisition as the next major near-term catalyst. The company received
unconditional European Commission antitrust clearance on October 19 and
management expects a successful transaction close in late 2023/early 2024. / Sel
Hardy
October 16, 2023
02:01 PM ET... CFRA Keeps Buy Opinion on Shares of Pfizer Inc. (PFE 33.52****):
We lower our target by $3 to $40, 11.3x our 2024 EPS, below PFE’s 10-year
historical forward P/E average. We lower our 2023 EPS view by $1.80 to $1.67 and
lower our 2024 EPS estimate by $0.25 to $3.53. Pfizer cut its 2023 revenue and EPS cost increases (+9% Y/Y) were below expectations. Q1 revenues of $18.3B (-29% Y/
guidance for the remainder of 2023, and we are revising our model to take into
account the newly shared information regarding Covid-19-related products sales
expectations for the rest of 2023. The main reason for the revision comes from an
estimated 7.9M Paxlovid return by the U.S. government from the Emergency Use
Authorization Use authorized inventory, which is expected to result in a $4.2B
revenue reversal this year. The company is also taking into account lower
expectations for the Covid-19 vaccine sales for the remainder of the year and a
delay in the commercialization of Paxlovid. We maintain our long-term positive
outlook on shares of PFE, yet now forecast the company to record $60.3B in total
revenue in 2023 versus $67.8B. / Sel Hardy
September 11, 2023
03:28 PM ET... CFRA Retains Buy Opinion on Shares of Pfizer Inc. (PFE 34.06****):
In line with expectations, today the FDA approved the upgraded mRNA vaccine
against Covid-19 from Pfizer and Moderna targeting the new omicron variant
XBB.1.5. The speed of the approval was as anticipated, as Covid-19 cases and
hospitalizations have been rapidly rising in recent weeks. Next, the CDC will
recommend who is eligible to receive the shots, which is expected to take place
during the advisory panel meeting tomorrow. We consider the news positive for both towards replacing about $17B in revenues that PFE has projected to be at risk
Pfizer and Moderna (MRNA 106 ****). Pfizer expects to generate $13.5B in Covid-
19 vaccine sales this year and, per CEO A. Bourla, the updated vaccine is expected to with about $31B in new long-term debt, the remainder from available liquidity. If
be available in the next days, pending CDC recommendations. MRNA stated earlier
that the company is ready to start delivering doses in September and expects $6B- $33B), but only about $4.2B matures through 2025. / Stewart Glickman, CFA
$8B from vaccine sales in 2023. We keep our target for PFE at $43, 11.4x our 2024
EPS, below PFE’s 10-year historical forward P/E average. We raise our 2023 EPS
view by $0.03 to $3.47 and maintain our 2024 EPS estimate at $3.78. / Sel Hardy
We lower our target by $5 to $43, 11.4x our 2024 EPS, below PFE’s 10-year
historical forward P/E average. We cut our 2023 EPS view by $0.21 to $3.44 and
2024’s by $0.34 to $3.78. Q2 EPS of $0.78 vs. $2.04 was $0.09 above consensus,
but $0.11 below our estimate. Q2 revenues of $12.7B (-54% Y/Y) underperformed
consensus by $664M as revenue declines in both Comirnaty (Covid-19 vaccine, -
82% Y/Y) and particularly in Paxlovid (antiviral, -98% Y/Y) were above expectations.
While both Comirnaty and Paxlovid sales guidance for 2023 were unchanged at
$13.5B and $8B, respectively, PFE lowered the high end of its 2023 sales guidance
range to $70B from $71B as it cut its non-Covid operational sales growth to 6% Y/Y
from 8% Y/Y. To address ongoing concerns, in our view, regarding the delay or non-
completion of the $43B Seagen acquisition (which we deem low probability), Pfizer
reconfirmed its expectation for the transaction close by Q4 2023 or early 2024,
emphasizing continued collaboration with U.S. and EU regulators. / Sel Hardy
May 02, 2023
11:52 AM ET... CFRA Retains Buy Opinion on Shares of Pfizer Inc. (PFE 38.85****):
We lower our target price by $4 to $48, 11.7x our 2024 EPS, below PFE’s 10-year
historical forward P/E average. We lift our 2023 EPS estimate by $0.25 to $3.65 and
keep our 2024 EPS at $4.12. Pfizer posts Q1 EPS of $1.23 vs. $1.62 (-24% Y/Y)
primarily due to lower Y/Y Covid-19 vaccine revenues compared to very strong Q1
2022 sales. Yet, Q1 EPS was $0.28 above our estimate and $0.24 consensus as R&D
Y), beat consensus estimates by an eye-catching $1.8B, as sales of $3.1B from the
Covid-19 vaccine (Cominatry) were higher than expected despite a sharp Y/Y decline
(-77% Y/Y), combined with strong sales of $4.1B from the antiviral Paxlovid. We
continue to think PFE is attractive at current valuations. We expect the ex-Covid
sales growth to pick up in the second half of the year thanks to a number of large
new product launches, while the Seagen acquisition, once approved, will have a
strong contribution to oncology sales. / Sel Hardy
March 13, 2023
11:07 AM ET... CFRA Keeps Buy Opinion on Shares of Pfizer Inc. (PFE 40.09****):
PFE agrees to buy biopharma Seagen (SGEN 201 ***) for $229/share in cash, an
enterprise value of $43B. We estimate the deal at 12.9x EV to projected ‘24
revenues, about 3% above SGEN’s historical forward average. PFE expects to close
by early 2024, but this is dependent on both shareholder and regulatory approval.
Given that SGEN is trading at about a 13% discount to the deal price, we think the
market is pricing in some concern over antitrust hurdles. The combination adds to
PFE’s core oncology area ($12B in revenues in 2022, versus SGEN’s $2B), but also
brings in a potential $10B in sales by 2030. If approved, the deal goes a long way
between 2025 and 2030 following patent expirations. PFE plans to fund the deal
approved, the deal nearly doubles PFE’s long-term debt (to $64B from current

September 01, 2023

01:03 AM ET... CFRA Maintains its Neutral Outlooks on the Pharma and Biotech Sub-
Industries (PFE 35.38****):
Our fundamental outlooks for the Pharmaceuticals and Biotechnology sub-
industries remain neutral following the recent announcement of the 10 initial top-
selling prescription drugs subject to negotiations with Medicare. From our U.S.
Pharma and Biotech coverage the manufacturers subject to the negotiations are:
BMY (drug: Eliquis), LLY (drug: Jardiance), JNJ (three drugs: Xarelto, Imbruvica, and
Stelara), MRK (drug: Januvia), AMGN (drug: Enbrel), and ABBV (drug: Imbruvia co-
developed and commercialized with JNJ). Total Medicare spending for these 10
drugs during the June 22–May 23 period amounted roughly to $50.6B. In our view,
the announced list was mostly in-line with expectations and priced-in, thus market
reaction has been limited. We think the revenue risk at this point is manageable as
the selected drugs no longer make up a large portion of the companies’ portfolios
and a number of them have upcoming loss of exclusivities around or shortly after
2026, when the negotiated prices are set to go into effect. / Sel Hardy

August 01, 2023

11:19 AM ET... CFRA Keeps Buy Opinion on Shares of Pfizer Inc. (PFE 36.38****):

Note: Research notes reflect CFRA's published opinions and analysis on the stock at the time the note was published. The note reflects the views of the equity analyst as of
the date and time indicated in the note, and may not reflect CFRA's current view on the company.
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Stock Report | October 30, 2023 | NYSE Symbol: PFE | PFE is in the S&P 500
Pfizer Inc.
Analysts Recommendations Wall Street Consensus Opinion

Buy/Hold

Wall Street Consensus vs. Performance

For fiscal year 2023, analysts estimate that PFE will earn
USD 1.59. For fiscal year 2024, analysts estimate that PFE's
earnings per share will grow by 102.43% to USD 3.21.

No. of
Recommendations % of Total 1 Mo.Prior 3 Mos.Prior
Buy 9 36 7 8
Buy/Hold 2 8 3 3
Hold 14 56 15 15
Weak hold 0 0 0 0
Sell 0 0 0 0
No Opinion 0 0 0 0
Total 25 100 25 26

Wall Street Consensus Estimates

Fiscal Year Avg Est. High Est. Low Est. # of Est. Est. P/E
2024 3.21 3.75 2.36 20 9.38
2023 1.59 1.65 1.45 15 18.99
2024 vs. 2023 p 102% p 127% p 63% p 33% q -51%

Q3'24 0.76 0.79 0.71 3 39.43

Q3'23 -0.34 -0.20 -0.51 13 -88.63
Q3'24 vs. Q3'23 p 325% p 495% p 239% q -77% p 144%
Forecasts are not reliable indicator of future performance.
Note: A company's earnings outlook plays a major part in any investment decision. S&P Global Market Intelligence organizes the earnings estimates of over 2,300 Wall Street analysts, and
provides their consensus of earnings over the next two years, as well as how those earnings estimates have changed over time. Note that the information provided in relation to consensus
estimates is not intended to predict actual results and should not be taken as a reliable indicator of future performance.
Note: For all tables, graphs and charts in this report that do not cite any reference or source, the source is S&P Global Market Intelligence.

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Stock Report | October 30, 2023 | NYSE Symbol: PFE | PFE is in the S&P 500
Pfizer Inc.
Glossary

STARS Abbreviations Used in Equity Research Reports

Since January 1, 1987, CFRA Equity and Fund Research Services, and its CAGR - Compound Annual Growth Rate
predecessor S&P Capital IQ Equity Research has ranked a universe of U.S. CAPEX - Capital Expenditures
common stocks, ADRs (American Depositary Receipts), and ADSs (American CY - Calendar Year
Depositary Shares) based on a given equity's potential for future performance. DCF - Discounted Cash Flow
Similarly, we have ranked Asian and European equities since June 30, 2002. DDM - Dividend Discount Model
Under proprietary STARS (Stock Appreciation Ranking System), equity analysts EBIT - Earnings Before Interest and Taxes
rank equities according to their individual forecast of an equity's future total EBITDA - Earnings Before Interest, Taxes, Depreciation & Amortization
return potential versus the expected total return of a relevant benchmark (e.g., EPS - Earnings Per Share
a regional index (MSCI AC Asia Pacific Index, MSCI AC Europe Index or S&P 500® EV - Enterprise Value
Index)), based on a 12-month time horizon. STARS was designed to help FCF - Free Cash Flow
investors looking to put their investment decisions in perspective. Data used to FFO - Funds From Operations
assist in determining the STARS ranking may be the result of the analyst's own FY - Fiscal Year
models as well as internal proprietary models resulting from dynamic data P/E - Price/Earnings
inputs. P/NAV - Price to Net Asset Value
PEG Ratio - P/E-to-Growth Ratio
S&P Global Market Intelligence's Quality Ranking PV - Present Value
(also known as S&P Capital IQ Earnings & Dividend Rankings) - Growth and R&D - Research & Development
S&P Capital IQ Earnings & Dividend Rankings stability of earnings and dividends ROCE - Return on Capital Employed
are deemed key elements in establishing S&P Global Market Intelligence's ROE Return on Equity
earnings and dividend rankings for common stocks, which are designed to ROI - Return on Investment
capsulize the nature of this record in a single symbol. It should be noted, ROIC - Return on Invested Capital
however, that the process also takes into consideration certain adjustments ROA - Return on Assets
and modifications deemed desirable in establishing such rankings. The final SG&A - Selling, General & Administrative Expenses
score for each stock is measured against a scoring matrix determined by SOTP - Sum-of-The-Parts
analysis of the scores of a large and representative sample of stocks. The range WACC - Weighted Average Cost of Capital
of scores in the array of this sample has been aligned with the following ladder
of rankings: Dividends on American Depository Receipts (ADRs) and American Depository
Shares (ADSs) are net of taxes (paid in the country of origin).
A+ Highest B Below Average
Qualitative Risk Assessment
A High B- Lower
A Above C Lowest
Reflects an equity analyst's view of a given company's operational risk, or the
risk of a firm's ability to continue as an ongoing concern. The Qualitative Risk
B+ Average D In Reorganization
Assessment is a relative ranking to the U.S. STARS universe, and should be
NC Not Ranked reflective of risk factors related to a company's operations, as opposed to risk
and volatility measures associated with share prices. For an ETF this reflects on
EPS Estimates a capitalization-weighted basis, the average qualitative risk assessment
CFRA's earnings per share (EPS) estimates reflect analyst projections of future assigned to holdings of the fund.
EPS from continuing operations, and generally exclude various items that are
viewed as special, non-recurring, or extraordinary. Also, EPS estimates reflect STARS Ranking system and definition:
either forecasts of equity analysts; or, the consensus (average) EPS estimate, ««««« 5-STARS (Strong Buy):
which are independently compiled by S&P Global Market Intelligence, a data Total return is expected to outperform the total return of a relevant benchmark,
provider to CFRA. Among the items typically excluded from EPS estimates are by a notable margin over the coming 12 months, with shares rising in price on
asset sale gains; impairment, restructuring or merger-related charges; legal an absolute basis.
and insurance settlements; in process research and development expenses; ««««« 4-STARS (Buy):
gains or losses on the extinguishment of debt; the cumulative effect of Total return is expected to outperform the total return of a relevant benchmark
accounting changes; and earnings related to operations that have been over the coming 12 months.
classified by the company as discontinued. The inclusion of some items, such
as stock option expense and recurring types of other charges, may vary, and ««««« 3-STARS (Hold):
depend on such factors as industry practice, analyst judgment, and the extent Total return is expected to closely approximate the total return of a relevant
to which some types of data is disclosed by companies. benchmark over the coming 12 months.
««««« 2-STARS (Sell):
12-Month Target Price Total return is expected to underperform the total return of a relevant
The equity analyst's projection of the market price a given security will benchmark over the coming 12 months.
command 12 months hence, based on a combination of intrinsic, relative, and
««««« 1-STAR (Strong Sell):
private market valuation metrics, including Fair Value.
Total return is expected to underperform the total return of a relevant
benchmark by a notable margin over the coming 12 months, with shares falling
in price on an absolute basis.
Relevant benchmarks:
In North America, the relevant benchmark is the S&P 500 Index, in Europe and
in Asia, the relevant benchmarks are the MSCI AC Europe Index and the MSCI AC
Asia Pacific Index, respectively.

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Stock Report | October 30, 2023 | NYSE Symbol: PFE | PFE is in the S&P 500
Pfizer Inc.
Disclosures

Stocks are ranked in accordance with the following ranking methodologies:
STARS Stock Reports:
Qualitative STARS rankings are determined and assigned by equity analysts. For reports
containing STARS rankings refer to the Glossary section of the report for detailed
methodology and the definition of STARS rankings.
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Quantitative rankings are determined by ranking a universe of common stocks based on 5
measures or model categories: Valuation, Quality, Growth, Street Sentiment, and Price
Momentum. In the U.S., a sixth sub-category for Financial Health will also be displayed.
Percentile scores are used to compare each company to all other companies in the same
universe for each model category. The five (six) model category scores are then weighted
and rolled up into a single percentile ranking for that company. For reports containing
quantitative rankings refer to the Glossary section seof the report for detailed methodology
and the definition of Quantitative rankings.
STARS Stock Reports and Quantitative Stock Reports:
The methodologies used in STARS Stock Reports and Quantitative Stock Reports
(collectively, the "Research Reports") reflect different criteria, assumptions and analytical
methods and may have differing rankings. The methodologies and data used to generate
the different types of Research Reports are believed by the author and distributor
reasonable and appropriate. Generally, CFRA does not generate reports with different
ranking methodologies for the same issuer. However, in the event that different
methodologies or data are used on the analysis of an issuer, the methodologies may lead
to different views on the issuer, which may at times result in contradicting assessments of
an issuer. CFRA reserves the right to alter, replace or vary models, methodologies or
assumptions from time to time and without notice to clients.
STARS Stock Reports:
Global STARS Distribution as of September 30, 2023
Ranking North America Europe Asia Global
Buy 36.8% 34.5% 41.6% 37.4%
Hold 53.8% 51.2% 50.3% 52.6%
Sell 9.4% 14.3% 8.1% 10.1%
Total 100.0% 100.0% 100.0% 100.0%
Analyst Certification:
STARS Stock Reports are prepared by the equity research analysts of CFRA and its
affiliates and subsidiaries. Quantitative Stock Reports are prepared by CFRA. All of the
views expressed in STARS Stock Reports accurately reflect the research analyst's
personal views regarding any and all of the subject securities or issuers; all of the views
expressed in the Quantitative Stock Reports accurately reflect the output of CFRA's
algorithms and programs. Analysts generally update STARS Stock Reports at least four
times each year. Quantitative Stock Reports are generally updated weekly. No part of
analysts’ or CFRA’s compensation was, is, or will be directly or indirectly related to the
specific rankings or views expressed in any Stock Report.
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